SPCS

SOCIETY FOR PROMOTION OF COMMUNITY STANDARDS INC.

Finance director property forfeited

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A High Court judge has ordered property connected to a failed finance company director is to be forfeited.

Police took unprecedented action last year to restrain assets they said were associated with two jailed Capital + Merchant Finance directors, Neal Nicholls and Wayne Douglas….

This followed a Serious Fraud Office trial where both men were found guilty of theft by a person in a special relationship for loans totalling almost $20 million. The men were also sentenced for misleading investors.

They loaned money for their own benefit in breach of Capital + Merchants trust deed. C+M collapsed in 2007 owing $167 million to investors.

See Full story by Hamish Fletcher published 23 May 2014:

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11260648

Liquidator chases property developer for $300k

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A thrice-bankrupted property developer allegedly withdrew investor funds associated with troubled Auckland housing projects and is now being chased for close to $300,000 in the High Court.

Damien Grant and Steven Khov of Waterstone Insolvency, as liquidators of Blake Street Trustee Ltd, have filed civil action in the High Court at Auckland against triple-bankrupt Peter Chevin.

The case is in its early stages and is likely to be heard sometime after November this year.

Chevin is a former director of Blake Street Trustee, which the liquidators say relied on agreements and investments schemes associated with property projects on Auckland’s North Shore to generate revenue.

See full story published 21/05/14: http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11258982

Note: Peter Chevin was appointed as director of Blake Street Trustee Ltd on 19 June 2003 and resigned on 7 August 2008. On 13 November 2008 he filed a shareholding record with the Companies Office showing that he, as sole shareholder, had transferred all his shares to Peter Hill who resides at 1/114 Marua Rd, Ellerslie, Auckland 1051, New Zealand. Blake Street Trustee was incorporated on 19 June 2003 and put into liquidation on 13 December 2011. Peter Chevin was the sole shareholder from the date of incorporation through to the transfer of all his shares to Peter Hill.

Securities Commission’s silence far from golden [re Property Ventures Ltd insolvency]

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Opinion-Piece – Pre-receivership papers on Property Ventures [Limited] suggests our regulators have some explaining to do. writes Chalkie. Just as a dung beetle likes nothing better than burrowing into a big steaming cowpat, providentially plopped into its path by a benevolent donor, Chalkie loves a good document dump. In this case the documents come from the old Securities Commission, since renamed the Financial Markets Authority, and the Ministry for Business Innovation and Employment. They reveal how overseas investors were stiffed by Christchurch-based property developer Property Ventures, more than two years before the company fell into receivership owing $69 million. They show an impotent regulator, unable to act and repeatedly complaining about unanswered correspondence.

They reveal a conflict of interest at the Companies Office [ involving the registrar of companies Mr Neville Harris] that might have affected an inspection of Property Ventures under the Securities Act….

Property Ventures was a development and investment company founded by motivational speaker Adolf de Roos and led by Christchurch-based developer David Ian Henderson….

For more go to: http://www.stuff.co.nz/business/opinion-analysis/10065328/Securities-Commissions-silence-far-from-golden

“Chalkie” is written by Fairfax business bureau deputy editor Tim Hunter

For further reading see:

Article published by SPCS on 16 May 2014

David Ian Henderson – Property Ventures Ltd (In Liq.) and role of Liquidator

Police bid to seize finance director property

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Police have made a formal bid in the High Court to seize property they allege is associated with a failed finance company director who is serving more than eight years in jail for fraud and misleading investors.

Police took unprecedented action last year to restrain assets they said were associated with two jailed Capital + Merchant Finance [founding directors], Neal Nicholls and Wayne Douglas….

Nicholls is serving eight years six months in jail and Douglas eight years two months. This followed a Serious Fraud Office trial where both men were found guilty of theft by a person in a special relationship for loans totalling almost $20 million. They loaned money for their own benefit in breach of Capital + Merchants trust deed. C+M collapsed in 2007 owing $167 million to investors.

See full story by Hamish Fletcher. Published 19 May 2014

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11257283

Liquidators seek to bankrupt fraudster David Ross

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Fraudster DAVID Robert Gilmour ROSS took $3.5 million from his company before it went broke and liquidators want it back.

Part of the cash will come from Ross’s share of household goods from his Lower Hutt mansion, due to be auctioned.

Liquidators will seek to bankrupt Ross, following the settlement of a $3.5m debt he and his wife owed his company, Ross Asset Management.

In November, Ross was jailed for 10 years and 10 months for operating a fraudulent scheme in which private investors lost about $115m.

Ross Asset Management (Ram) fleeced at least 700 investors through portfolios in which they thought they had more than $380m.

For full story on by Hamish McNicol published 15/05/14 go to:

http://www.stuff.co.nz/business/money/10045559/Liquidators-seek-to-bankrupt-fraudster-Ross